Eran Polack’s HAP Investments secured a $52.5 million construction loan for a mixed-use development site at 4452 Broadway in Washington Heights.
Madison Realty Capital provided the financing package, which will replace existing debt and cover construction costs, the firm said. Property records show that Gamma Real Estate provided HAP with $11.5 million in financing in 2017.
The developer bought the land in 2013 for $7.3 million, and the firm plans to build a seven-story mixed-use project spanning 134,475 square feet. The project will include 11,000 square feet of retail space and 129 apartments, 30 percent of which will be set aside as affordable.
HAP plans to start construction in April and finish during the third quarter of 2020. Polack said in a statement that the company looks forward “to bringing new, high-quality apartments to the Fort George neighborhood to meet the strong local demand.”
Josh Zegen, co-founder of Madison Realty Capital, said in a statement that investment interest was increasing in Washington Heights “due to its strong fundamentals as well as a recent rezoning of its neighboring area, which is increasing the overall density of the region.”